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STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 26, 2020
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company maintains stock‑based compensation plans approved by the shareholders, which provide that the Human Resource Committee of the Board of Directors may grant incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and bonuses of common stock. At December 26, 2020, 779,336 shares of common stock remained available for issuance under the plans. Shares and options issued and available are subject to changes in capitalization. The Company’s policy is to issue shares upon exercise of stock options or vesting of restricted stock units or issuance of restricted stock from treasury shares held by the Company.
Under the stock option plans, the exercise price of each option equals the market price at the time of the grant. Options vest beginning on the first anniversary of the grant in equal amounts over three years or on the fifth anniversary of the grant. Expiration of grants is seven to ten years from the date of grant. Restricted stock units and awards generally vest in equal installments over three years beginning on the first anniversary of the grant. The Company recorded $14,874, $11,587 and $10,392 of compensation expense (included in selling, general and administrative expenses) in the 2020, 2019 and 2018 fiscal years for all share-based compensation programs, respectively. The associated tax benefits recorded in the 2020, 2019 and 2018 fiscal years was $3,719, $2,897 and $2,598, respectively.
At December 26, 2020, the amount of unrecognized stock option compensation expense, to be recognized over a weighted average period of 2.39 years, was approximately $5,364.
The Company uses a binomial option pricing model to value its stock options. The fair value of each option grant made in 2020, 2019 and 2018 was estimated using the following assumptions:
202020192018
Expected volatility
33.72 %33.13 %33.39 %
Risk-free interest rate
0.43 %1.69 %2.67 %
Expected life from vesting date
4.0 yrs
3.0 yrs
3.0 yrs
Dividend yield
1.24 %1.07 %1.07 %
Following is a summary of the stock option activity during 2018, 2019 and 2020:
Number of
Shares		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
Outstanding at December 30, 2017570,622 $128.34 
Granted
105,135 112.08 
Exercised
(63,717)106.26 
Forfeited
(33,627)129.52 
Outstanding at December 29, 2018578,413 $127.74 4.35$909 
Options vested or expected to vest at December 29, 2018565,592 $127.84 4.30909 
Options exercisable at December 29, 2018405,128 $126.61 3.47909 
    The weighted average per share fair value of options granted during 2018 was $30.48.
Number of
Shares		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
Outstanding at December 29, 2018578,413 $127.74 
Granted
57,648 147.31 
Exercised
(119,789)113.02 
Forfeited
(27,712)137.07 
Outstanding at December 28, 2019488,560 $133.13 4.04$9,291 
Options vested or expected to vest at December 28, 2019478,575 $133.21 3.999,078 
Options exercisable at December 28, 2019341,828 $133.32 3.196,470 

The weighted average per share fair value of options granted during 2019 was $37.85.
Number of
Shares		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
Outstanding at December 28, 2019488,560 $133.13 
Granted
66,231 168.80 
Exercised
(147,014)125.43 
Forfeited
(8,212)137.49 
Outstanding at December 26, 2020399,565 $141.79 4.88$12,103 
Options vested or expected to vest at December 26, 2020389,633 $141.56 4.8111,890 
Options exercisable at December 26, 2020254,498 $138.64 3.388,510 
The weighted average per share fair value of options granted during 2020 was $45.49.
Following is a summary of the status of stock options outstanding at December 26, 2020:
Outstanding and Exercisable By Price Range
Options OutstandingOptions Exercisable
Exercise Price
Range		NumberWeighted
Average
Remaining
Contractual
Life		Weighted
Average
Exercise
Price		NumberWeighted
Average
Exercise
Price
$104.47 - 112.08
120,194 3.99 years$109.58 79,796 $108.31 
$123.87 - 132.84
26,282 0.97 years132.48 26,282 132.48 
$142.67 - 168.80
253,089 5.71 years158.05 148,420 156.04 
399,565 254,498 
    In accordance with shareholder-approved plans, the Human Resource Committee of the Board of Directors may grant stock under various stock‑based compensation arrangements, including restricted stock awards, restricted stock units, performance based restricted stock units, and stock issued in lieu of cash bonuses. Under such arrangements, stock is issued without direct cost to the employee. The restricted stock units are settled in Company stock when the restriction period ends. Restricted stock units and awards generally vest in equal installments over three years beginning on the first anniversary of the grant. During fiscal 2020, 2019 and 2018, the Company granted restricted stock units to directors and certain management employees as follows (which are not included in the above stock plan activity tables):
202020192018
Shares granted
85,251 78,318 88,127 
Weighted‑average per share price on grant date
$161.73 $145.89 $114.89 
Recognized compensation expense
$9,081 $8,815 $6,328 
At December 26, 2020 the amount of deferred stock‑based compensation granted, to be recognized over a weighted‑average period of 2.66 years, was approximately $22,862.
Performance-based restricted stock units (PSU) awards consist of shares of our stock which are payable upon the determination that the Company achieve certain established performance targets and can range from 0% to 200% of the targeted payout based on the actual results. PSU's granted in 2020 have a performance period of three years. The fair value of each PSU granted is equal to the fair market value of our common stock on the date of grant. PSUs granted generally have a three years period cliff vesting schedule; however, according to the grant agreements, if certain conditions are met, the employee (or beneficiary) will receive a prorated amount of the award based on active employment during the service period.
During fiscal 2020 and 2019, the Company issued PSUs of 35,181 and 31,344 with a weighted average grant date fair value of $125.41 and $136.14 per share. During fiscal 2020, the Company recognized expense of $3,165 for these two PSU plans.